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Lesson Plan Title: Alexander, Who Used to Be Rich Last Sunday: Understanding Opportunity Costs Grade Level:2, 3, or 6th Duration: three 50-minute class periods Student Goal: To understand that there is an opportunity cost to every economic decision and that these costs come as a result of limited resources. Student Objectives Students will: †¢ Identify "opportunity costs" in the story and in their own lives. †¢ Create an opportunity costs bar graph as a whole class. †¢ Complete a table of personal spending and savings information. †¢ Write an original story about how they spent and saved their allowance and what they gave up or their "opportunity costs" in order to reach their goals. Materials: †¢ a copy of Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst †¢ chart paper †¢ markers †¢ overhead projector †¢ transparency †¢ student handout: How I Spent & Saved My Allowance (included). This was provided by the teacher in which I was doing my participant observations with. Set Up and Prepare: 1. Use the book Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst. 2. Write the definition of the term "opportunity cost" on a sheet of chart paper and display for the class: Opportunity Cost: what you give up when you decide to do or buy something 3. Draw a bar graph on a transparency. Write the title "Opportunity Costs for a College Education" across the top. Label the horizontal axis "Opportunity Costs." Label the vertical axis "Number of Students." 4. Print out copies of the student handout "How I Spent & Saved My Money" for each student to take home. Directions: PART I: Step 1: Share with students a story about a time when you did not buy something you really wanted so that you could use or save the money for something more important. For example, maybe you didn't go on a vacation so you could save the money for a car you need to buy. Explain that what you gave up is called an "opportunity cost." Direct students' attention to the definition of "opportunity cost" displayed on the chart paper. Step 2: Ask students to share stories from their own lives in which they gave up something to get something else, or to save for something else that they want more. Have them identify their opportunity costs. Ask studen... ... †¢ How much does Alexander have after he buys the gum? ($0.85); after he loses a bet to his mother? ($0.70); after he rents Eddie's snake? ($0.58); after his father fines him for saying naughty words ($0.48); after flushing pennies down the toilet and dropping a nickel through a crack? ($0.40); after paying for Anthony's chocolate bar? ($0.29); after pennies disappear in Nick's trick ($0.25); after paying his father for kicking his brother? ($0.20); after buying things at a garage sale ($0.00). Set Up Shop/ Learning Center: Students set up a shop and role play the parts of customer and shopkeeper, making economic decisions along the way. Have them draw pictures or use manipulatives for the items they are selling in the store. Allow them to determine prices and tag each item. Then give all students the opportunity to be a customer and the shopkeeper. Provide customers with a limited amount of play money to spend in the store. They will need to budget their money so that they can afford all they need to buy. Using play money too, the shopkeepers sharpen their math skills as they make change for the customers. Assignments: Student Handout: How I Spent & Saved My Money